Car buying tips
- Choose a dealer near you, if he is reputable. To find a dealer near you, call the manufacturer’s toll free number which you will find in the appendix. Remember a good deal is only when you get both a good car price and financing with low intrest rates.
- Read Automative News from time to time, as well as other newsletters, to find out about current rebates, especially the cash rebates/low interest rate financing, factory to dealer incentives, customer incentives, carry over allowance, and so forth.Ask the dealer about first-time car buyer or college graduates rebate programs. A dealer may keep you in the dark about such matters. It is up to you to keep abreast with available discounts and rebate programs.
- Get your car cleaned. A neat and clean car puts extra money in your pocket. Fill gas on your own-it may save a few more dollars. Do not use high octane gas unless your owner’s manual specifically recommends it. Don’t go in four-wheel drive unless you need it. You will unnecessarialy end up paying extra on the car, tries, gas and insurence.
- Keep a sharp eye on the fine print. If you have a problem or complaint, always speak to someone in authority at the dealership. As a business person, you may be entiteled to a tax deduction-on your lease payments perhaps, if you buy a car for your business, it could go under your business expenses for tax purposes. if you put your auto insurence under your companey name, you may also be able to deduct the expense. Consult your tax advisor. He may be able to enlighten you on this matter further.
- Avoid using home equity loans to pay for your vehicle. The interest rate may be competitive and the interest you pay is usally a tax write-off on your income taxes, on creative car financing, such as a secound mortgage on your home. Some dealers do this to get out of “auto loan interest rate ceiling.” Beware of the combo loan(one payment plan), such as your home, car, and the credit card payments that would entrap you with a large, one monthly payment.
- Remember the basic principle of dealing with the dealer is to negotiate, and to be polite, but firm. Don’t display too much emotion or anxity. never give out cash figures you can afford per month. Do not hesitate to walk out through same revolving door that you came in, if you are not satisfied with the deal. Another thing to remember is that you should not buy on impluse accept spot delivery, unless it is comletely acceptable to you.
- Use as little cash as possible for your down payment , especially when you are getting the manufacturer’s low interest rate financing.
- Look for manufacturer’s offers of low interest rate financing.
- Shop arround and compare, whether it is a product, a service, or credit.
- In the event of an accident, instruct the tow truck driver to take the car to the dealer. The insurence adjuster would be able to inspect your vehicle. Besides, you are able to pick up a rental car if your car is damaged and need repairs. When the repair work is finished, you can return rental car at the same place with out having to run from pillar to post. Remember to use the dealer’s tow truck and negotiate on the towing charges. Insurence companies do not insist suggest that accident repair work be done at any perticular shop.
- Obtain Lemon Law Guide booklet for new cars or used cars from New York Attorney General’s office. All other states call your respective states Attorney genral’s office.
- Pick up your car during daylight hours so that you can inspect it more easily. As it is often said, “crying babies get the feed” – the consumer who complains the loudest get reimbursed.A quiet customer usually gets ripped.
- Consider purchasing a late model used car rather than a fully-loaded new car. Compare the price difference, intrest rate, and warranty cost.
- Always pre-inspect a vehicle before the auction starts. Do not try to out-guess your fellow bidders, much less get caught up in the exitement of bidding and end up over-paying. Obtain an auction report, if possible.